Get the Budgeting Over With by Utilizing These 4 Hacks
Tracking every dollar in a spreadsheet or following a color-coded budget is simply not everyone's cup of tea and that's OK. You don't have to be obsessed with budgeting to take control of your money.
Here are four budgeting hacks designed for people who can't stand the idea of traditional budgeting.
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1. Focus on Savings Instead of Tracking Every Dollar
Traditional budgets ask you to categorize every purchase, like groceries, coffee, gas and entertainment. If you have a type B personality or just hate budgeting, that's usually the fastest way to quit.
Instead, focus on saving first and let the rest take care of itself. Start by setting automatic transfers to your savings account right after payday (ideally 10% to 20% of your gross income). This way, you're consistently growing your savings without micromanaging your spending.
The downside with this method is that you don't always know where the rest of your money is going. You might still overspend in certain areas without realizing it. So, if you're living paycheck to paycheck, this method might not be enough on its own. In that case, you may still want to track your spending (at least temporarily) to identify what to cut back on first.
2. Get Clear on Your Money Goals
Budgeting can feel restrictive if you don't have a reason behind it. The best way to stay motivated is by reframing it as a tool for reaching goals you care about, rather than thinking of it as a limitation.
First, you'll want to get clear on your money goals, whether that's to travel more, build an emergency fund or finally pay off student loans. Once you identify those goals, attach a dollar amount to them. For example, if your dream vacation costs $3,000, set a target to save $250 a month and you'll be there in a year.
3. Try the 50/30/20 Rule
If traditional budgeting makes you want to give up, try the 50/30/20 rule. Here's how it works:
50% of your income goes to needs (rent, utilities, groceries)
30% goes to wants (dining out, hobbies, fun money)
20% goes to savings and debt repayment
The great thing about the 50/30/20 method is that it gives you a clear framework without being overly strict. As long as you're roughly sticking to these percentages, you're doing good.
4. Don't Forget To Treat Yourself
One of the biggest reasons people hate budgeting is the feeling of restriction. If your budget leaves no room for fun, of course you'd want to give up. That's why building in small rewards is important.
For example, set aside some money each month for something you enjoy, like ordering takeout from your favorite restaurant, buying a new pair of shoes or getting tickets to a Beyoncé concert. Knowing you have guilt-free spending money will make it easier to stick with your bigger financial plan.
Budgeting Doesn't Have To Feel Like a Chore
If just the thought of budgeting gives you anxiety, you don't need to force yourself into a complicated system. You can make it more fun or less stressful by automating your savings, setting goals you actually care about, using an easy rule of thumb and giving yourself space to have fun. This way, you're much more likely to stick with it and achieve your savings goals.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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